Still going over the bounties from the previous chapter, the newest bounty-holding Straw Hats each complain about their current situation: Chopper hates that he got such a low bounty for his actions of Enies Lobby, Nami thought the photographer who took the shot of her was from a newspaper, and Sanji is griping about the horrific drawing that depicted his face. In Sanji's case, the photographer explains to a Marine at Marine Headquarters on how his picture did not develop, merely being criticized for not taking off the lens cap.

Back in Water 7, the Straw Hats discover a collapsed Galley-La crew as well as a cloaked massive object. Luffy yells for Franky, but Iceburg instead wakes, introducing the Straw Hats to their new ship, which he nicknames the "King of All Beasts". The sheet is removed to reveal a massive, brigantine sloop with a lion's head, complete with the various modifications each of the crewmates asked for. After guiding the Straw Hats around, Iceburg explains that Franky would be best for their shipwright as they plan, but he is too attached to the island to do anything about leaving. He suggests that the only way that Franky could leave is if they force him, giving the crew an idea.

At the ruined Franky House, Zambai tries to talk his boss into joining the Straw Hats on their journey, saying that he enjoyed being with them and working on their ship. Franky tries to deny this and stay in his home, and even states that he can fight the Marines if they come for his new bounty. Suddenly, one of the family steals his under and is instructed by the rest to keep it away from their boss as best as possible. Running through Water 7 with nothing on his bottom, Franky tries to get his underwear back while ignoring the chaotic screams and panic from the locals seeing his penis. Eventually, the underwear ends up in Luffy's hands, whom he begins to chase while asking him how they feel about his new ship. The game begins to involve the rest of the Straw Hats until Franky is forced to use a cannon to launch to Scrap Island in pursuit.

Arriving on Scrap Island, Franky sees his ship, which the Straw Hats thank him for once again and he accepts. But then Luffy makes him an offer: he would get his underwear back if he joins the crew.

Although this is the first appearance of the Thousand Sunny, it does not have a name in this chapter. Iceburg referred to the ship at its unveiling as the King of All Beasts, which was a common term for the ship until its official naming.

This chapter further explains the means by which a bounty picture is created, including tricking the perspective bounty to get their picture (in the case of Nami) or using an artist's rendition if a picture is impossible to take (as Sanji discovered the hard way). The chapter further also reveals that a bounty is based on the impressions of government threat: since Chopper was thought of as the Straw Hats' "pet", he was given a low bounty even though he claimed he "fought like a man" (without any knowledge by the World Government or Enies Lobby.